1. The document discusses the insurance industry in India, providing an overview and details on marketing strategies. 2. It outlines the 7 P's of insurance marketing: product, price, place, promotion, people, process, and physical distribution. Examples are given for how two insurance companies, Bharti AXA and Bajaj Allianz, implement their marketing strategies based on the 7 P's. 3. A comparison of Bharti AXA and Bajaj Allianz is provided based on how each company approaches the 7 P's of insurance marketing.

1. INSURANCE INDUSTRYPRESENTED BY: NISHU SHARMA

2. OVERVIEW OF INSURANCE INDUSTRYMega opportunity in India

3. Historical perspective

4. The Government of India in 1956, brought together over 240 private life insurers

5. provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. Services Marketing Mix for Insurance INTRODUCTIONa financial service for collecting the savings of the public and providing themwith risk coverage. The main function of Insurance is to provideprotection against the possible chances of generating losses

6. Cont......INSURANCE MARKETING the marketing of Insurance services with the aim to create customer and generate profit through customer satisfaction.MARKETING –MIX FOR INSURANCE COMPANIESis the combination of marketing activities that an organisation engages in so asto best meet the needs of its targeted market.

7. 7 P’s used for marketing of Insurance products

8. 1.PRODUCT:A product means what we produce2.P RICING:i) The premium charged against the policies,ii) Interest charged for defaulting the payment of premium and credit facility, andiii) Commission charged for underwriting and consultancy activities.

9. 3.PLACE:i) Managing the insurance personnel, andii) Locating a branch4.P ROMOTION:The insurance services depend on effective promotional measures. i) In promoting insurancebusiness, the agents and the rural career agents play an important role

10. 5.PEOPLE:Understanding the customer better allows to design appropriate productsTraining the employees, use of IT for efficiency, bothat the staff

11. 6.P ROCESSThe process should be customer friendly in insurance industry.7. PHYSICAL DISTRIBUTION:Distribution is a key determinant of success for all insurance companies

12. Companies under Insurance sectorBharti AXA General Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. Group holds 74% of equity and AXA holds 26% of the equity.

13. 7 Ps of Marketing of Bharti AXA General Insurance1. Products and Services:A)Retail Insurance:a. Motorb. HealthB)Commercial:a. Fireb. EngineeringC)Rural:a. Agricultural Pumpsetb. Cattle Insurance Policy

14. 2. Price:Pricing factor is decided on the basis of the type of products which the customer buys.Bharti AXA is a strong player in private companies and its price structure is highly competitive and reliable3. Place:

15. 4. Promotion:Tele-marketingInternetHoardingsPersonal SellingAdvertisement through newspapers, business magazines and FM radio5. People:6. Process:From the minute customers claim intimation is received, the Claims Team becomes active and acts efficiently and swiftly towards its settlement.

16. 7. Physical Evidence:StationerySeparate departments for smooth functioning of work like Public Relation DepartmentBrochuresInternet / Web PagesBusiness cards

17. Bajaj Allianz General Insurance Company Limitedis a joint venture between Bajaj Finserv Limited and Allianz SE.received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India.VisionMission

18. 7 P’s of marketing of Bajaj Allianz :1. Products and Services:Motor InsuranceAsset InsuranceHealth InsuranceTravel InsuranceCorporate Insurance2. Price:The price structure is based on the type of policies

19. 3.PLACE4.PROMOTIONHuge advertisements onTelevision and radios.Tele-marketingPromotion in front of corporate officesInternet MarketingHoardings and brochures

20. 5.People:People are the main assets of financial organization because of service factor attached to it.6. Process:The prestigious awards itself speaks the smooth functioning of the insurance activities.7. Physical Evidence: